Annual Report “Through Clients’ Eyes” Principles that drive our actions for growth

The Charles Schwab Corporation (NYSE: SCHW) is a financial services firm with a history of innovating and advocating for individual investors and the advisors and institutions who serve them.

In addition to historical information, this Annual Report to Stockholders contains “forward-looking statements,” which are identified by words such as “believe,” “expect,” “will,” “may,” “should,” “could,” “can,” “are,” “continue,” “growth,” “remain,” “drive,” “sustain,” “enhance,” “estimate,” “potential,” “target,” “on track,” “deliver,” “outcome,” “build,” “plan,” “commitment,” “position,” “lead,” “consistent,” “investment,” “outlook,” “improve,” “opportunity,” “assumption,” “illustrative,” “trajectory,” “ensure,” “ongoing,” “balance,” “trend,” “progress,” “formula,” and other similar expressions. In addition, any statements that refer to expectations, projections, or other characterizations of future events or circumstances are forward-looking statements. These forward-looking statements, which reflect management’s beliefs, objectives, and expectations as of the date hereof, are estimates based on the best judgment of the company’s senior management. These statements relate to, among other things: growth in the company’s client base, accounts, assets, revenues, earnings, and profits; investments and spending to fuel and support growth, improve client service, and drive scale and efficiency; expected benefits from the TD Ameritrade and other recently completed acquisitions; and estimates and timing for transaction-related expenses, the TD Ameritrade integration and achievement of expected cost synergies (See “Letter from the Chief Executive Officer” and “Letter from the Chief Financial Officer”); disruptive actions; stockholder value; personalized investment solutions; and digital transformation; (See “Letter from the Chief Executive Officer”); capital management; revenue diversification; 2021 outlook, including core assumptions, client activity drivers, and illustrative revenue outcomes; BDA migrations; revenue sensitivities; expense growth; Tier 1 Leverage Ratio operating objective; opportunities; key strategic initiatives; and long-term financial formula; (See “Letter from the Chief Financial Officer”). Achievement of the expressed beliefs, objectives, and expectations described in these statements is subject to risks and uncertainties that could cause actual results to differ materially from the expressed beliefs, objectives, and expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of March 4, 2021 (or such earlier date as may be specified herein). See “Forward-Looking Statements” in Management’s Discussion and Analysis of Financial Condition and Results of Operations on page 27 in the Form 10-K for a discussion of important factors that may cause such differences. Trust is everything. Earned over time. Lost in an instant. We will focus on anything we do or don’t do that builds or undermines trust and our relationship with clients.

Price matters. More than ever. And in our industry more than most. We will leverage our scale to deliver industry-leading pricing without prospects or clients having to ask or negotiate.

Clients deserve efficient experiences. Every time. We will respect our clients’ time by ensuring that every interaction a client has with us is simple and easy.

Every prospective or existing client is critical to our future growth. No matter how large or small. We will value and delight them at each possible opportunity.

Actions matter more than words. Clients, press, influencers, and employees will give credit to what we do vs. what we say. We will challenge everything we do to ensure it is consistent with what we believe and say about ourselves.

Table of contents

02 Letter From the CEO / 08 Industry and Employer of Choice Recognition 10 Letter From the CFO / 16 Financial Highlights / 17 Growth in Client Assets and Accounts 18 Executive Management / 19 Form 10-K / i Board of Directors / ii Corporate Information Walt Bettinger President and Chief Executive Officer A Time for Gratitude

Thank you!

This may seem like an unusual way to open my 13th Annual Report letter to you, my fellow stockholders. But in many ways, this simple but sincere expression sums up how I think about the very difficult year we all faced—with deep gratitude for all the people who helped us persevere in 2020.

Thank you to our clients for entrusting us with record levels of net new assets and new accounts.

Thank you to our stockholders for focusing on the long-term opportunities ahead, despite a volatile year and another round of ZIRP (zero interest rate policy) implemented by the Federal Reserve.

And thank you to our employees for their diligent commitment to serving others while balancing the health and safety of their own families.

While I am grateful for much in 2020, I cannot discuss this past year without first acknowledging both the pain and tragedy that the COVID-19 pandemic has inflicted on so many of our clients, colleagues, vendors, and partners; as well as the tensions that exist in our country—politically, racially, and otherwise. For over 40 years, your company has stood as a beacon of inclusion, opportunity, and respect for all. This commitment has never been more important than right now, as we continue fulfilling our long- standing strategy of seeing the world “Through Clients’ Eyes.”

As in past years, my goal for this annual letter is to be clear and straightforward—using minimal jargon, corporate speak, and trendy buzzwords. The litmus test for my letter is whether it reads as if I were corresponding with a business partner who has been out of touch for the past year. As always, please let me know if I’ve achieved this goal.

2020 was a year of incredible challenges. Volatile equity markets tested the patience of even the most experienced investors, and the collapse in interest rates to record lows made conservative investing difficult. Ultimately, the equity markets provided strong returns in 2020, although much of the return was concentrated in a modest number of stocks. For the year, the S&P 500® Index gained 16.3%, while the NASDAQ® gained 43.6% and the Dow Jones Industrial Average® only 7.2% compared to the year before—illustrating the concentrated nature of results in 2020.

Our stockholders experienced similar volatility in 2020. SCHW 2020—The Golden Rule began the year at $47.56 and fell as low as $28.00 before ending Just as my goal for this annual letter is to be clear and the year at $53.04. Stockholder returns were further boosted by straightforward, our corporate-wide strategy adheres to a similar our regular dividend payments. concept—the Golden Rule. As I have said many times, if we serve clients and prospects the way we would want to be served, they For over 40 years, your company inevitably choose to do more business with us. We refer to this strategy as “Through Clients’ Eyes.” Put simply, it means that we has stood as a beacon of inclusion, try to operate your company by looking at all our actions from the opportunity, and respect for all. perspective of our clients. And we execute this strategy through a concept we call “The Virtuous Cycle.”

2 Letter From the Chief Executive Officer Value of Schwab stock and S&P 500® Index

S ® SCW

4 4,

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4 , S ® SCW ,

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Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20 Jul-20 Aug-20 Sept-20 Oct-20 Nov-20 Dec-20

Schwab’s “Virtuous Cycle”

(3) percentage points th hallenge e status C quo Revenue on client assets benefit inve to stors

, s w t … I n o it n t h v e e s m m n s +125% t t s io o o e t r r e v c s Core net new asset growth

n a o i r e d f r w n t e h t u a f e a r i d e +65% h r r

c a u i G

s

s h Delivering strong

s Total GAAP expense growth

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e +141% t business momentum s Total client assets growth

O u t s ta t n n d te v in is a g s … lu s on s e to c lt +62% , c to su a kh e +56% nd o ing r .. lde ad ial GAAP earnings . r Le nc Revenue growth fina per share growth

Note: All growth metrics are 2020 vs. 2016. Financial results include TD Ameritrade from October 6, 2020, forward.

Letter From the Chief Executive Officer 3 “The Virtuous Cycle” recognizes and rewards our clients, employees, stockholders, and communities in a way that reinforces the benefits of continuing to work with Schwab over time. This type of long-term thinking defines the way we operate When the pandemic at Schwab. We strive to make decisions that will benefit all our hit, our tech team did constituencies—for years to come. the impossible—they Did this approach work in 2020? Can it work during a global had almost all our pandemic? Can it work in a world that’s changing rapidly before employees working us? Yes. It can and it does. Because serving others as we would remotely within want to be served is timeless. And as a result of this approach, days (right alongside clients continue to reward us by investing their hard-earned their kids). money with us at impressive levels.

2020 results for Charles Schwab only: 1 • New-to-firm households in our retail business of over 1,500,000 • New brokerage and banking accounts of over 3,700,000 • 389 million client trades, with a daily average of 1.5 million • Core net new client assets of $254.8 billion • Total client assets reached $4.9 trillion

2020 combined results for Charles Schwab and TD Ameritrade: 2 • New-to-firm households in our retail business of over 3,500,000 • New brokerage and banking accounts of over 7,600,000 • 1.3 billion client trades, with a daily average of 5.3 million • Core net new client assets of $387.2 billion • Total client assets reached $6.7 trillion COVID-19 and our employees

When I pause to look back at 2020, I see that our business year If someone would have asked me in January 2020 to estimate was defined by three factors: the time it would take for us to enable over 95% of our employees to work remotely, my best estimate would have been measured 1. The priority we placed on the safety and health of our in years—not months, weeks, or even days. And yet, as the employees during the COVID-19 pandemic; pandemic hit the world in full force in March, our technology 2. The closing of four important acquisitions and the subsequent team accomplished something I did not think possible. Within integration efforts; and days, almost all our employees were working remotely. 3. Extraordinary organic growth of client assets and its accompanying challenges. But ensuring the safety of our employees through remote work was only the beginning. We provided special one-time cash payments to help our non-officer employees deal with unique pandemic-related expenses; we delivered thousands of high-end Total client assets workstations and pieces of equipment to employees’ homes; and (In billions at year-end) $6,692 3 we implemented a program to offset the cost of broadband and related necessities inherent in working from home. We also made a commitment not to eliminate any employees’ jobs in 2020 as a result of the pandemic.

We took these steps because we know that we can only see $4,039 “Through Clients’ Eyes” when our employees know that we prioritize their well-being. There is a famous saying that “culture $3,362 $3,252 eats strategy for breakfast.” In 2020, culture and commitment $2,780 were clearly put to the test. I am proud to say I believe our people passed that test, maybe even with honors.

As we look to the future, with vaccines for COVID-19 delivered by the millions, we are planning for a new world of work-location flexibility. Although some positions will eventually be required to 2016 2017 2018 2019 2020 return to our offices daily, other positions will be afforded more work-location flexibility. It’s still too early to have more specifics, but it is safe to say it is unlikely we will return to the work- location model that we operated under pre-pandemic. 1 2020 Schwab only includes USAA and excludes TDA through December 31, 2020. 2 2020 combined results shown on a pro forma combined company basis. 3 Includes assets related to TD Ameritrade from October 6, 2020, forward.

4 Letter From the Chief Executive Officer Important acquisitions and subsequent integration efforts

May 26, 2020 July 1, 2020 June 23, 2020 October 6, 2020 Acquired 1M+ new Acquired a leader in Acquired technology Added 14.5M accounts with accounts with ~$80 fixed income separately and intellectual property $1.6 trillion in assets as of billion in assets managed accounts with an related to customized September 30, 2020 established track record thematic portfolio Referral program is live Integration underway and and first product made $10.7B of client assets 4 ~30 new employees continue to target expense available at Schwab across a lineup of tax- across technology and saves of $1.8B–$2.0B exempt and taxable investment strategies

Scale & Efficiency Monetization Scale & Efficiency Monetization

4 As of May 31, 2020.

In 2020, we closed on four important acquisitions: so at a lower cost to our clients, all while adding to Schwab’s financial results. 1. The brokerage and wealth management business of USAA; 2. Wasmer, Schroeder & Company LLC (Wasmer Schroeder), a The acquisition of Motif’s technology and the hiring of much nationally recognized firm in fixed income money management; of their staff are consistent with our planning for the future of investing. We believe personalization at the individual investor 3. The technology of Motif, along with hiring much of their staff; level will define investing over the coming decades. Some and investors will want to focus on certain investing themes (e.g., 4. TD Ameritrade Holding Corporation (TD Ameritrade). robotics, artificial intelligence, gene-driven therapies, etc.); others will want their investments to reflect their personal Each of these transactions plays a key role in implementing our political or societal views; and others will want to capture the “Through Clients’ Eyes” strategy. benefits of indexing while still owning individual stocks. In all these cases and more, the technology developed by Motif will Few companies can rival USAA for their commitment to service play a key role in delivering personalization to Schwab clients at and the loyalty of their members (customers). When presented an outstanding value. with the opportunity to acquire the brokerage and wealth management business of USAA and build a long-term referral The acquisition of TD Ameritrade is the single largest brokerage relationship, we were ecstatic. Not only did we add over one acquisition in history. The deal had an initial transaction value million new client accounts and $80 billion in client assets; over of $26 billion, which decreased to $22 billion at the time of 400 talented and capable former USAA employees also joined closing as our respective stock prices fluctuated. At the time Schwab. We expect the USAA-Schwab relationship to pay of closing, TD Ameritrade had 14.5 million client accounts and dividends for years to come, with USAA successfully referring $1.6 trillion in client assets. Of equal importance, we acquired members to Schwab for their investing needs. several outstanding client platforms and welcomed thousands of dedicated and talented TD Ameritrade employees to Schwab. Wasmer Schroeder is recognized throughout the industry for Together, Schwab and TD Ameritrade serve over 29 million managing the fixed income investing needs of long-term investors brokerage accounts and $6.7 trillion in client assets. But to quote and retirees. With approximately 10,000 Americans reaching age our founder, Chuck Schwab: “The merger is not about being 65 every day and over 45 million Americans currently receiving the biggest. To me, it’s about being the strongest.” We believe Social Security, the importance of fixed income investing has this combination puts us on the path to being the optimal firm never been greater. Today, we fulfill almost all our clients’ fixed for investors and investment advisors to meet the challenges income portfolio management needs through third-party asset of investing in the coming years. We expect to complete our managers. With Wasmer Schroeder™ Strategies now part of integration—a wide-reaching initiative encompassing staffing, Charles Schwab Investment Management, we will be able to systems, facilities, and more—by the fall of 2023. offer similar solutions that meet client needs and frequently do

Letter From the Chief Executive Officer 5 Combined growth in brokerage accounts 5 (In millions) 29.6

25.0 23.7

18.8 17.6

2016 2017 2018 2019 2020

5 Account growth shown on a pro forma combined company basis.

For example, in 2019 at Schwab we answered investor client phone Extraordinary growth and its calls, on average, in less than 30 seconds. In 2020 that number was just below two minutes. And at times of peak volumes, it could take accompanying challenges us even longer—sometimes far longer. From a system standpoint, in 2019 our downtimes could be measured in hundredths of a percent. Records, records, and more records. 2020 delivered records In 2020, we fell just below 99.9% in system availability. These figures in almost every client metric. Combined, Schwab and TD might not sound like much, but they matter to our clients, and Ameritrade added over six million new brokerage accounts. they are unacceptable to us. At Schwab, we believe that if you’re a client trying to reach us by phone or trying to make a trade on your These results are a testament to a successful strategy: computer or mobile device—and we are not there to serve you—we Companies focused on serving others as we would like to be have not met the high standards of service that you expect from us— served, and employees dedicated to serving others. But this type and which we expect from ourselves. of growth was not without challenges and disappointments. To help address these challenges, we: In 2020, Investor’s Business Daily named Schwab the Most Trusted Online Broker, and J.D. Power ranked Schwab #1 for • Continue to invest in our digital transformation that enables DIY Self-Directed Investor Satisfaction. We are grateful for these greater self-service for routine service needs; honors, but we also know that recognition like this is fleeting. • Are reorienting parts of our workforce; and Our real reputation with each client is only as good as our last • Are hiring thousands of employees dedicated to client service. interaction with that client. And we know we can do better. We are also spending hundreds of millions of dollars on Frankly, on several occasions in 2020, we were overwhelmed by technology and infrastructure. It may take some time, but we’re the volume of client engagement and phone calls. Despite our working aggressively to restore service levels to the industry- best efforts to plan for spikes in volumes, we did not anticipate leading place all our clients expect and deserve—whether they volumes that oftentimes were multiples of the highest volume we are investors or those who serve them. had ever witnessed before. Our employees responded heroically— front-line staff, in particular—working unprecedented overtime hours to serve our clients. The combination of these volumes, however, with the inevitable impact on efficiency caused by so Conclusion many of our employees working from home, resulted in service Thirteen times I have been honored to write to you, our valued quality that did not consistently meet the high levels our clients stockholders, about the state of your company. Through the years, deserve. We expect more of ourselves. we have experienced some amazing times. The financial crisis, years of zero interest rates, stock prices in the $12 range as well as the Clients continue to reward $60 range, record levels of growth, and significant acquisitions. But nothing that has come before can compare to 2020. us by investing their hard- earned money with us at Whether we focus on the social and racial strife, the bruising political campaigns, or the COVID-19 pandemic—2020 was a impressive levels. year that has impacted us all and changed us all. I’ve changed myself—to have an even greater awareness than before of the

6 Letter From the Chief Executive Officer Though some employees will eventually have to return to our offices daily, other positions will be afforded more work- location flexibility.

impact of the color of one’s skin on their life and opportunities, a I’m grateful for each and every one of our clients—no deeper appreciation for the momentous gaps in how people view matter how large or how small. The trust you place in capitalism in our country, and a heartfelt sense of gratitude for Schwab is humbling. those first responders and frontline health care workers who have sacrificed so much in the service of others’ health and safety. I’m grateful for each and every one of our stockholders— the ones who push us and challenge us, the ones who I see our continued success, despite a year like 2020, as support our efforts and strategies, and all of those a testament to the approach your company has employed for decades: somewhere in between. • A business model rooted in the people we serve and a I’m grateful for our employees. Their dedication, their commitment to serve them the way we would want to be served selflessness, and their willingness to go beyond what is • A vision for making investing easier and more accessible for expected for our clients are always an inspiration to me. everyone • A belief in managing your company with passion and integrity, And I’d like to add one more special expression of gratitude—to to ensure we are using our strength to protect the assets under our founder and Chairman, Chuck Schwab. Chuck, your vision our care over 40 years ago to start an investment firm to serve the average American and to make investing more accessible to everyone has It is, after all, other people’s money we have been entrusted become a reality. Almost 30 million clients have proven the worth with—a responsibility we take very seriously. of your vision. You have made a difference for so many. On behalf of our clients, our stockholders, and our employees—thank you. I opened this letter by expressing my gratitude to so many, and I’d like to close it by doing the same. Warmly,

Walt Bettinger March 4, 2021

linkedin.com/in/waltbettinger twitter.com/waltbettinger

Letter From the Chief Executive Officer 7 2020 Highest in 2020 One of the Top 2020 Best In 2020 Most Trusted Investor Satisfaction Brokers Overall Class Overall Online Broker With DIY Self-Directed Investor’s Business Daily StockBrokers.com Investor’s Business Daily Services, Two Years Annual Review in a Row Schwab was rated #1 in Schwab was named #1 Website Security and Broad Schwab was ranked #3 in Online Broker Overall J.D. Power Choice of Investments, and “Best in Class” Overall in by Investor’s Business #2 for Best Overall Customer 2020 by StockBrokers.com. Daily, ranking #1 in Price Charles Schwab received Experience in the 2020 Schwab was also ranked Component and #1 in Online the highest numerical score Investor’s Business Daily Best “Best in Class” in Best Broker Trust Index. in the DIY segment of the Online Brokers Survey. Brokers for IRA Accounts, J.D. Power 2019–2020 Best Discount Stock From Investor’s Business Daily, October U.S. Self-Directed Investor From Investor’s Business Daily, January Brokers, Best Options for 12, 2020, ©2020 Investor’s Business Satisfaction Studies of 27, 2020, ©2020 Investor’s Business Trading Platform, and Best Daily, Inc. All rights reserved. Used investors’ satisfaction Daily, Inc. All rights reserved. Used for Penny Stocks Trading. by permission and protected by the who use self-directed by permission and protected by the Copyright Laws of the United States. investment firms. Visit Copyright Laws of the United States. The printing, copying, redistribution, StockBrokers.com: “2020 Online The printing, copying, redistribution, or retransmission of this Content jdpower.com/awards. Broker Review,” published January or retransmission of this Content without express written permission 2020. Participation is required to be without express written permission is prohibited. Results based on an included. All broker participants were is prohibited. The ratings are based Investor’s Business Daily (IBD) and assessed on 236 different variables entirely on input of brokers’ customers. TechnoMetrica study, which measures across eight core areas: Commissions Investor’s Business Daily (IBD) and consumers’ trust toward financial & Fees, Customer Service, Platforms & polling partner TechnoMetrica Market companies and ranks the companies Tools, Research, Ease of Use, Offering Intelligence surveyed more than objectively. A total of 4,297 IBD website of Investments, Education, and Mobile 4,000 investors, asking them to rate visitors and customers participated in Trading. All categories, with the their primary online broker in the 15 the Phase 2 survey in August 2020. To exception of “Banking,” are factored in performance categories. Ten online be included in our ranking, at least 100 to the overall ranking. Star ratings are brokers were included in the analysis, respondents had to rate a company, out of five possible stars and are based and the top five brokers overall and in except for in the wealth management on a calculation that combines the each category were recognized as “Best category, where we required at least variable assessment with an opinion Online Brokers” award winners. For 75 respondents. Fifty-one companies score from 1–10, with 10 “very good” in further information on how the ratings passed our minimum inclusion StockBrokers.com’s opinion. A “Best in were calculated, see IBD’s Criteria and criterion. For further information on Class” designation means finishing in Methodology. how the ratings were calculated, see the top five brokers for that category. IBD’s Criteria and Methodology. Industry Awards are awarded based on the opinions of StockBrokers.com’s research team. Read our 2020 Review. For further information on how the ratings were calculated, see StockBrokers.com’s “How We Test.”

8 Industry Recognition State of Arizona Chicago, IL Denver, CO

Cleveland, OH State of Texas Schwab ranked as a top place to work in many of the Indianapolis, IN places we call home. San Francisco, CA

Austin, TX Dallas/ Fort Worth, TX

Orlando, FL Charlotte, NC

As a firm, we have an unshakable belief in our purpose and in our Since 2013, Schwab has consistently been recognized as a top culture of service. As an employer, we are committed to helping place to work, based on employee feedback in major markets individuals unleash their potential and achieve their dreams— where Schwab has significant concentrations of employees. challenging themselves as we seek to challenge the status quo on behalf of our clients. We place great value on the recognition we Military-friendly workplace receive as an employer of choice, particularly those awards that For the ninth consecutive year, Schwab was recognized as one of the are based on feedback from our employees. Best of the Best Top Veteran-Friendly Companies by U.S. Veterans Magazine and as a Military Friendly Employer. Schwab was also named as a Best for Vets Employer by Military Times EDGE.

2020 Most Admired Companies Best Places to Work for recognition—FORTUNE LGBTQ Equality

Selected as one of The World’s Most Admired Human Rights Campaign Corporate Companies® by FORTUNE Magazine. Equality Index Each year since 2004, Charles Schwab has From FORTUNE Magazine, February 2020, ©2020 Fortune Media IP Limited. received a 100% rating on the Human Rights FORTUNE and The World’s Most Admired Companies are registered trademarks Campaign’s Corporate Equality Index, which of Fortune Media IP Limited and are used under license. FORTUNE and Fortune rates American workplaces on lesbian, gay, Media IP Limited are not affiliated with, and do not endorse the products or bisexual, and transgender equality. services of, Charles Schwab.

2020 Best Places to Work for America’s 50 Most Community- Disability Inclusion Minded Companies

Schwab scored 90 on the 2020 Disability Schwab has been recognized since 2017 by Equality Index. Points of Light.

Employer of Choice Recognition 9 Peter Crawford Before I get into the specifics of our recent performance, I should make a very important point. We have long recognized Chief Financial Officer that the successful execution of our strategy means not only being there for our clients in the moment, but also ensuring Pushing Through we continue building an ever stronger and more capable firm— one that’s there for them over the long term. We can’t pause this progress when things get tough, because we’d risk falling Anyone who knows me will tell you that I’m rarely at a loss for behind in delivering the quality service our clients expect or words. I must admit, however, to struggling a bit with the best making the necessary investments to build for the future. While way to frame a discussion of 2020. How do you wrap your arms extraordinary is an apt description of the environment we faced, around a year like the one we’ve just come through and tell a it is an equally appropriate word to describe the efforts our team crisp, focused narrative? On the one hand, I could simply say that put forth in pushing through obstacles to serve our clients while Schwab’s 2020 operating and financial results, which include TD still driving the business forward. Despite the macroeconomic Ameritrade from October 6 forward, demonstrate our ongoing picture, despite the difficulties in working from home, despite success with clients and the benefits of our diversified revenue the challenges of supporting record volumes—despite all of model in the face of environmental headwinds. While absolutely that, we still made significant progress pressing forward on our true, that statement lacks any sense of the amazingly complex strategic agenda. As Walt noted, we were quite active on the interplay of environmental, industry, and company-specific M&A front, including completing the TD Ameritrade acquisition— elements that contributed to our 2020 story. We all realize the the largest retail brokerage transaction in history—and three full importance and impact of last year’s events will only be other transactions that further enhance our scale and enable understood with the passage of time. But even so, I’ll do my us to deliver new capabilities to clients. We also introduced best to connect the dots and weave together a narrative of our new offerings intended to help investors achieve their financial 2020 financial performance, including the impact of the year’s goals, such as Schwab Stock Slices™, our fractional share trading unusual developments. platform, which provides access to leading companies listed on the S&P 500® for as little as $5. These are select examples of How best to describe 2020? Walt used the word “amazing” in his the work going on across the firm to deliver our “no trade-offs” letter—and that certainly is appropriate. Other possibilities would approach to meeting the needs of investors. I view our ability be “challenging,” “historic,” or “unpredictable.” Perhaps the word I to balance driving strategic progress with serving clients and would use is “extraordinary”—that feels like the right way to describe generating appropriate near-term profitability as a key strength of the environment we faced. The emergence of a global pandemic this company. While we cannot predict what the future holds, we and ensuing economic lockdowns, along with social tensions and know that consistent growth is only made possible by managing election-year politics, added unprecedented levels of uncertainty, for the long term and serving our clients with clarity and focus— volatility, and complexity for our clients, for our employees, and for regardless of the circumstances. the company. Whatever the environment, we are fortunate to have Schwab’s “Through Clients’ Eyes” strategy to help guide our actions. Now let’s turn to our results amidst last year’s tumult before When the world started turning upside down in March, we didn’t closing with some thoughts about the year ahead. panic, we just focused on helping our clients.

10 Letter From the Chief Financial Officer Core net new assets Trading volume (In billions at year-end) (In thousands) $282 2,603 Total assets Daily average trades in 2020 in 2020 $27 1,057 $255 $228 $212 $199 1,546

$126

765 749 562 609

2016 2017 2018 2019 2020 2016 2017 2018 2019 2020

Core NNA Daily average trades (DATs) TD Ameritrade impact on core NNA* TD Ameritrade impact on DATs† *October 6, 2020, forward. †October 6, 2020, forward.

Total client assets‡ (In trillions at year-end) $6.7

$4.0 $3.7 $3.3 $2.8 $2.5 $2.5 $2.1 $2.0 $1.7

Charles J.P. Bank of Morgan Wells Charles J.P. Bank of Morgan Wells Schwab Morgan America Stanley Fargo Schwab Morgan America Stanley Fargo 2016 2020

‡Represents client asset levels for respective wirehouse wealth management segments. Sourced from company filings.

Letter From the Chief Financial Officer 11 2020 Results We begin every year dealing with some level of uncertainty, our assumption for full-year equity market returns, and our and we tend to use a “scenario” approach to allow for that estimates for both short- and long-term rates moved down uncertainly when discussing the company’s financial outlook sharply, reflecting the Federal Reserve’s swift pivot to a very and performance. The unique nature of events in 2020, however, accommodative monetary policy. We also recalibrated our necessitated a couple of resets on this front during the year. expectations for trading activity and the trajectory of balance In early February, we outlined an initial set of scenarios that sheet growth in an attempt to better align with observed client showed an opportunity for low-single-digit revenue growth, behavior following the onset of the global crisis. 6%–7% GAAP expense growth, and a pre-tax profit margin of at least 41% under certain assumptions. While this view In addition to the shifting macroeconomic picture, the closing incorporated around six months of financial contribution from the of our four acquisitions also played a role in shaping our USAA acquisition, it did not factor in the others—particularly TD financial picture for 2020. Beginning with our second-quarter Ameritrade, given the uncertainty surrounding transaction close results and following the closing of the USAA transaction, we timing. The key drivers behind that February outlook included introduced certain non-GAAP metrics. These adjusted measures 6.5% equity market appreciation, a static Fed Funds target of of expenses, pre-tax profit margin, net income, and diluted 1.50%–1.75%, an average 10-year U.S. Treasury yield of 1.93%, earnings per share, as well as return on tangible common equity, an 11% lift in trading activity, and a balance sheet that would are intended to help investors evaluate Schwab’s underlying finish anywhere from approximately flat to up 12% for the year. operating performance by excluding certain transaction-related expenses (e.g., acquisition, integration, and amortization of We did not even make it through the first quarter of the year acquired intangible assets). 1 The magnitude of these adjustments before that initial view was rendered obsolete, as the escalation increased over the year as we closed the other transactions, of the COVID-19 pandemic impacted key drivers across our culminating in the fourth quarter with TD Ameritrade. In the business model. Given the tectonic shift in the environment, subsequent Business Update held at the end of October, we we introduced an updated perspective on a potential range of provided our updated view of potential full-year outcomes outcomes at our Business Update in April. We stepped down that included the impact of all four acquisitions. We expected

The combination of our “no trade-offs” approach and a robust lineup of capabilities positions us favorably...

...that can be uniquely Secular trends clearly delivered by Schwab demonstrate what ...and support our “no trade-offs” approach... due to our size and clients want... focus

Low cost Great price and Great service $6T+ in combined total client assets in Brokerage Transparency and trust People and Technology

Omni-channel Straightforward and Sophisticated $300B+ in Banking experiences curated solutions customized solutions

One-stop solutions Self-directed and Advised offers Leading asset manager capabilities

Proprietary products and Third-party products

All delivered with an approachable “Through Clients’ Eyes” philosophy

12 Letter From the Chief Financial Officer top-line revenue growth to land within a 7.5%–8.0% range, while we anticipated adjusted total expense growth of 15.5%–16.5%. 1 Net revenues§ It is worth noting that incorporating these four acquisitions into (In billions at year-end) our financial results contributed approximately 13% to full-year adjusted expense growth expectations. $1.7

Amidst these shifting sands, our business performed quite well, % $10.0 meeting or surpassing those updated expectations. Clients turned 9 to us at record levels, entrusting us with $282 billion of core net new assets. This represented a combined organic growth rate 5-year $7.5 equal to 7% and the third consecutive year in excess of $200 compound billion. Aided by contributions from our acquisitions—most notably annual TD Ameritrade—we delivered 9% year-over-year revenue growth. growth rate Net interest revenue declined 6% from its 2019 record level to $6.1 billion, as the strong build in interest-earning assets did not offset the impact of the return to a zero interest rate policy and accelerating mortgage prepayment speeds. Rebounding equity 2016 2020 markets, along with growth in advisory solutions, helped push asset management and administration fees up 8% to $3.5 billion. Annual revenue Record trading levels at both Schwab and TD Ameritrade helped us TD Ameritrade revenue contribution book trading revenue of $1.4 billion for the year. Beginning with the fourth-quarter results, you probably noticed our newest revenue line: bank deposit account (BDA) fees. This item captures revenue derived from TD Ameritrade client cash held off balance sheet § under an Insured Deposit Account (IDA) agreement with certain Pre-tax profit margin Toronto-Dominion affiliates and, to a lesser extent, arrangements 45.0% 45.2% with a handful of other banks. We renegotiated this pre-existing Adjusted2 arrangement in conjunction with the acquisition, and I will discuss 42.2% the role of BDA fees for 2021 in the next section. 42.4% 40.0% While our expectations for expenses shifted during the year, 2020 spending was ultimately in line given our acquisition activities, along with the need to support our clients and employees under extraordinary circumstances. GAAP expenses increased 26% to $7.4 billion for the full year, which encompassed $442 million in acquisition and integration-related costs and $190 million in 36.8% amortization of acquired intangibles. Our adjusted total expenses, 1 which exclude those transaction-related items, were up 16% year- 2016 2017 2018 2019 2020 over-year largely due to the inclusion of TD Ameritrade’s operating expenses for nearly a full quarter. The challenges of the past 12 months notwithstanding, our flexibility as an organization enabled us to successfully harness efficiencies and leverage our scale in order to produce a still-solid 36.8% pre-tax profit margin, or 42.2% Return on equity§ on an adjusted basis. 2 Return on equity contracted approximately 10 percentage points to 9%, as reduced earnings power from 19% 19% ultra-low interest rates and the creation of sizeable intangible assets related to our acquisitions weighed on the calculation. Note ROTCE1 that we’ve introduced return on tangible common equity 1 as a 15% 15% supplemental measure to help assess Schwab’s capital efficiency 14% and returns relative to the composition of our balance sheet. That number was 15% for the year.

From a capital management perspective, supporting the growth of our business remains our priority. Given the extraordinary expansion of our balance sheet in 2020, through both organic 9% growth and acquisitions, there was limited capacity for opportunistic capital return actions (e.g., share repurchases), but 2016 2017 2018 2019 2020 we did continue our common dividend at the current $0.18 per- share rate. We ended the year with a consolidated Tier 1 Leverage Ratio of 6.3%, which reflects the issuance of an additional $2.5 ROTCE = Return on tangible common equity. billion of preferred equity in early December. § Full-year 2020 results include TD Ameritrade from October 6, 2020, forward; adjusted measures, including ROTCE, exclude acquisition and integration-related costs as well as the amortization of acquired intangible assets. 1

Letter From the Chief Financial Officer 13 On top of these underlying assumptions, we flex daily average 2021 Outlook trades (DATs), along with end-of-period margin balances and Schwab balance sheet cash. The comparison base for these Turning our attention to 2021, we’re clearly facing a highly client-related metrics is 4Q20, and so, the year-over-year unsettled environment, but our success in 2020 positions illustrations take the following form: us strongly for the coming year. We always have a number of uncontrollable and often unpredictable external dynamics which 1. Further step-up in engagement: Revenue of 5%–7% influence our financial performance. Those alone can make it challenging to develop and communicate a specific financial a. DATs up 20% outlook, but there are two additional factors specific to this year b. Margin balances up 10% that make the task even more difficult. First, the combination with TD Ameritrade has shifted our revenue model to be more c. Schwab balance sheet cash up 10% sensitive to client engagement via trading, margin lending, and securities lending. I want to emphasize that we view this as a 2. Continuation of recent run rate: Revenue of (1%)–1% good development, as it helps bolster revenue diversification. a. DATs remain flat Secondly, the underlying drivers of these sources of revenue (daily average trades, margin balances, etc.) achieved record b. Margin balances remain flat levels and I doubt anyone can say definitively what their path will c. Schwab balance sheet cash stays flat look like from here. Given these challenges, we are adjusting our approach to expressing our potential financial outlook. Rather 3. Pullback in activity levels: Revenue of (8%)–(6%) than describing two specific scenarios that frame a range of DATs drop 20% possible outcomes (as we typically do), we are instead sharing a. three “mathematical illustrations”—not forecasts or expectations b. Margin balances decline 10% but rather expressions of potential financial performance based c. Schwab balance sheet cash contracts 10% on the evolution of client activity relative to the fourth quarter of 2020. Core assumptions underpinning the calculations The point of these illustrations is to help you develop your own include: 6.5% equity market appreciation from December 31, expectations for our revenue growth based on your beliefs 2020, levels; no increase in the Fed Funds target; a gradual regarding these drivers. To aid with this exercise, we’ve also increase in long-term rates consistent with market expectations; provided estimated revenue sensitivities for certain financial and the continuation of elevated prepayment speeds for drivers within our 2021 Winter Business Update materials. mortgage-backed securities for most of the year. Additionally, all illustrations assume the same pace of potential BDA migrations. From an expense perspective, we will be managing several key As a reminder, under the renegotiated IDA with Toronto- priorities throughout the year, including our ongoing integration of TD Dominion Bank, our option to begin moving eligible balances Ameritrade, a full year of operating expense from our acquisitions, to our balance sheet, and earn improved economics, begins on and investments in client service capacity. I should spend an extra June 30, 2021. minute here. Walt talked about the strong business momentum we enjoyed in 2020, as reflected in huge year-over-year increases in new

We relieved some of the pressure of working from home by delivering thousands of high-end workstations to employees and helping offset the cost of broadband.

14 Letter From the Chief Financial Officer Long-term financial formula

Client asset Revenue Pre-tax profit Earnings power growth growth margin potential

In line with (or Expanding over Low- to mid-teens High single to low potentially faster time based on EPS growth through double digits than) asset growth business growth the cycle

Considerations Considerations Considerations Considerations

• Organic growth • Trading activity • Balance near-term • Growth vs. capital • Equity market • Interest rates profit vs. long-term return value creation appreciation • Revenue synergies • Expense discipline • Cost synergies • Market engagement • Win-win monetization • Thoughtful capital efforts • Scale and efficiency management

Our team did an extraordinary job in Tier 1 leverage ratio is well above regulatory minimums, our long- term operating objective of 6.75%–7.00% remains in place, and navigating an intensely challenging we’ll continue to forge a path to those levels in coming quarters. environment to serve our clients and drive strategic process. Conclusion accounts, net new assets, and new-to-firm households. We also OK, I’ll use the word one more time—I believe our team did have experienced a large increase in client engagement, as reflected an extraordinary job in navigating an intensely challenging in much higher trading levels, phone calls, and web logins—a environment to serve our clients AND drive strategic progress trend that has continued into early 2021. All of this activity, while while delivering solid profitability in 2020. Hopefully you now constructive for the company longer term, has stressed our people have a richer sense of the significance of that simple summing up and our systems. The demands increased so rapidly that we have I offered at the beginning of this letter. not been able to ramp as quickly as needed to serve our clients at the same high level that they—and we—expect. So we need to make We have so much to do in 2021 as we continue to pursue the the investments necessary to bring our service capacity fully up to enormous growth opportunities still ahead—progress on the TD the growth we’ve already achieved, and ensure we meet our clients’ Ameritrade integration; sustaining our key strategic initiatives of needs as we go deeper into 2021. scale and efficiency, win-win monetization, and segmentation; and building a firm capable of supporting activity levels that are We estimate that transaction-related expenses, including integration multiples beyond anything conceivable just a year ago. Yet I look spend and amortization of acquired intangible assets, will total just ahead with a confidence that is enhanced, not diminished, by our north of $1 billion in 2021—we exclude those costs for purposes experience in the crucible of 2020: We know what we need to do; of calculating our adjusted total expenses. 1 In addition, we remain we have the resources to do it; and, most importantly, we have a on track to achieve between one-fourth and one-third of our $1.8 team that was tested this past year and proved capable of pushing to $2.0 billion target TD Ameritrade run-rate cost synergies by through whatever obstacles the environment throws at us. the October 2021 deal close anniversary. Pulling all this together, we believe 2021 GAAP expense growth could range between We remain grateful for your ongoing support as we tackle these (5%)–(3%) or 1%–4% on an adjusted basis, 1 versus annualized challenges, and I’m excited to share our ongoing journey with you. 4Q20 results, largely depending on how client activity unfolds. With investments in expanded service capacity and corporate true-ups— such as bonus funding and business seasonality—contributing up to 3% of growth, fundamental operating growth remains consistent with our mid-single-digit longer-term expense trajectory.

Finally, I don’t expect us to change our approach to capital management for the foreseeable future—supporting ongoing Peter Crawford business growth will likely stay our top priority. While our current March 4, 2021

1 Further details on non-GAAP financial measures are included within our 10-K filed in February 2021. 2 Adjusted pre-tax profit margin is calculated as adjusted income before taxes on income divided by net revenues. Adjusted net income before taxes on income equals net revenues of $11.7 billion less total adjusted expenses of $6.8 billion, or $4.9 billion. Dividing this adjusted net income before taxes on income of $4.9 billion by net revenues of $11.7 billion equals an adjusted pre-tax profit margin of 42.2%. Further details on non-GAAP financial measures are included within our 10-K filed in February 2021.

Letter From the Chief Financial Officer 15 Financial highlights

GROWTH RATE 1-YEAR (In Millions, Except Per Share Amounts and As Noted) 2019–2020 2020(1) 2019 2018 Net revenues 9% $ 11,691 $ 10,721 $ 10,132 Expenses excluding interest 26% $ 7,391 $ 5,873 $ 5,570 Net income available to common stockholders (14%) $ 3,043 $ 3,526 $ 3,329 Basic earnings per common share (21%) $ 2.13 $ 2.69 $ 2.47 Diluted earnings per common share (21%) $ 2.12 $ 2.67 $ 2.45 Dividends declared per common share 6% $ 0.72 $ 0.68 $ 0.46 Weighted-average common shares outstanding—diluted 9% 1,435 1,320 1,361 Closing market price per share (at year-end) 12% $ 53.04 $ 47.56 $ 41.53 Book value per common share (at year-end) 74% $ 25.69 $ 14.74 $ 13.42 Net revenue growth 9% 6% 18% Pre-tax profit margin 36.8% 45.2% 45.0% Return on average common stockholders’ equity 9% 19% 19% Full-time equivalent employees (at year-end, in thousands) 62% 32.0 19.7 19.5

(1) Schwab acquired TD Ameritrade, effective October 6, 2020. TD Ameritrade’s results of operations and financial condition are included from the date of acquisition forward.

SCHW stock price at year-end for the past 10 years

4

4

4

16 Financial Highlights Growth in client assets and accounts

GROWTH RATES COMPOUNDED ANNUAL 4-YEAR 1-YEAR (In Billions, at Year-End, Except As Noted) 2016–20 2019–20 2020 2019 2018 2017 2016 Assets in client accounts Schwab One®, certain cash equivalents and bank deposits 23% 79% $458.4 $256.7 $261.2 $198.6 $197.4 Bank deposit account balances N/M N/M $165.9 - - - - Proprietary mutual funds (Schwab Funds® and Laudus Funds®)

and collective trust funds (CTFs) Money market funds 2% (12%) 176.1 200.8 153.5 163.6 163.5 Equity and bond funds and CTFs(1,2) 16% 17% 142.9 122.5 94.3 97.7 78.8 Total proprietary mutual funds and CTFs 7% (1%) 319.0 323.3 247.8 261.3 242.3 Mutual Fund Marketplace®(3) Mutual Fund OneSource® and other non-transaction fee funds 3% 11% 223.9 202.1 180.5 225.2 198.9 Mutual fund clearing services 6% 16% 252.9 217.4 164.4 265.4 196.6 Other third-party mutual funds(4) 24% 58% 1,304.6 824.5 650.4 682.6 558.2 Total Mutual Fund Marketplace 17% 43% 1,781.4 1,244.0 995.3 1,173.2 953.7 Total mutual fund assets 15% 34% 2,100.4 1,567.3 1,243.1 1,434.5 1,196.0 Exchange-traded funds (ETFs) Proprietary ETFs(2) 35% 21% 198.8 163.8 115.2 99.1 59.8 Schwab ETF OneSource™(3,5) N/M N/M - - 30.6 28.7 21.2 Other third-party ETFs 41% 107% 947.3 457.0 309.9 308.8 238.3 Total ETF assets 38% 85% 1,146.1 620.8 455.7 436.6 319.3 Equity and other securities(1) 30% 95% 2,504.7 1,286.4 1,005.4 1,064.8 873.8 Fixed income securities 16% 15% 377.1 327.1 306.1 245.6 208.3 Margin loans outstanding 41% N/M (60.9) (19.5) (19.3) (18.3) (15.3) Total client assets 25% 66% $ 6,691.7 $ 4,038.8 $ 3,252.2 $ 3,361.8 $ 2,779.5 Client assets by business Investor Services 25% 72% $ 3,667.9 $ 2,131.0 $ 1,701.7 $ 1,810.9 $ 1,495.4 Advisor Services 24% 58% 3,023.8 1,9 07.8 1,550.5 1,550.9 1,284.1 Total client assets 25% 66% $ 6,691.7 $ 4,038.8 $ 3,252.2 $ 3,361.8 $ 2,779.5 Net growth in assets in client accounts (for the year ended) Net new assets by business Investor Services(6) 109% N/M $ 1,106.4 $115.6 $19.4 $123.7 $58.4 Advisor Services(7) 88% N/M 846.1 107.2 114.5 109.4 67.1 Total net new assets 99% N/M $ 1,952.5 $222.8 $133.9 $233.1 $125.5 Net market gains (losses) 700.4 563.8 (243.5) 349.2 140.2 Net growth (decline) $ 2,652.9 $ 786.6 $ (109.6) $ 582.3 $ 265.7 New brokerage accounts (in thousands, for the year ended)(8) 103% N/M 18,627 1,568 1,576 1,441 1,093 Client accounts (in thousands) Active Brokerage Accounts(9) 31% 140% 29,629 12,333 11,593 10,755 10,155 Banking Accounts 8% 8% 1,499 1,390 1,302 1,197 1,106 Corporate Retirement Plan Participants 7% 18% 2,054 1,748 1,655 1,568 1,543

(1) Beginning in the first quarter of 2019, a change was made to move CTFs from equity and other securities. Prior periods have been recast to reflect this change. (2) Includes balances held on and off the Schwab platform. As of December 31, 2020, off-platform equity and bond funds, CTFs, and ETFs were $16.6 billion, $5.6 billion, and $59.3 billion, respectively. (3) Excludes all proprietary mutual funds and ETFs. (4) 2020 includes third-party money funds of $19.7 billion related to the acquisition of TD Ameritrade. (5) Beginning in the fourth quarter of 2019, Schwab ETF OneSource™ was discontinued. These assets are now included with other third-party ETFs. (6) 2020 includes inflows of $890.7 billion related to the acquisition of TD Ameritrade, $79.9 billion related to the acquisition of the assets of USAA’s Investment Management Company, and $10.9 billion from a mutual fund clearing services client. 2019 includes an inflow of $11.1 billion from a mutual fund clearing services client. 2018 includes outflows of $93.9 billion from certain mutual fund clearing services clients. 2017 includes inflows of $34.5 billion from certain mutual fund clearing services clients and an outflow of $9.0 billion from a mutual fund clearing services client. 2016 includes an inflow of $2.7 billion from a mutual fund clearing services client. (7) 2020 includes inflows of $680.6 billion related to the acquisition of TD Ameritrade and $8.5 billion related to the acquisition of Wasmer, Schroeder & Company, LLC. (8) 2020 includes 14.5 million new brokerage accounts related to the acquisition of TD Ameritrade and 1.1 million new brokerage accounts related to the acquisition of the assets of USAA’s Investment Management Company. (9) Periodically, the company reviews its active account base. In 2018, the definition of active brokerage accounts was standardized across all account types as accounts with activity within the preceding 270 days. This change increased active accounts by approximately 63,000. In 2017, active brokerage accounts were reduced by approximately 48,000 as a result of low- balance closures. N/M Not meaningful.

Growth in Client Assets and Accounts 17 Executive management

Charles R. Schwab Joseph R. Martinetto Chairman of the Board Senior Executive Vice President and Chief Operating Officer Walter W. Bettinger II President and Chief Executive Officer Peter J. Morgan III Executive Vice President, General Steven H. Anderson Counsel and Corporate Secretary Executive Vice President Nigel J. Murtagh Catherine Casey Executive Vice President, Executive Vice President, Corporate Risk Human Resources Paul V. Woolway Jason Clague President and Chief Executive Officer, Executive Vice President, Charles Schwab Bank, SSB Operational Services Rick Wurster Bernard J. Clark Executive Vice President, Schwab Executive Vice President, Asset Management Solutions Advisor Services

Jonathan M. Craig Senior Executive Vice President

Peter Crawford Executive Vice President and Chief Financial Officer

Catherine Golladay Executive Vice President, Workplace Financial Services

Neesha Hathi Executive Vice President and Chief Digital Officer

Tim Heier Executive Vice President and Chief Technology Officer

Dennis Howard Executive Vice President and Chief Information Officer

Lisa Kidd Hunt Executive Vice President, International Services and Business Initiatives

Mitch Mantua Executive Vice President, Internal Audit

18 Executive Management ' &
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Board of directors

Charles R. Schwab Stephen A. Ellis Gerri Martin-Flickinger Chairman of the Board, The Charles Managing Partner, TPG, a private Executive Vice President and Chief Schwab Corporation equity and alternative investment firm Technology Officer, Starbucks Age: 83. Director since 1986. Age: 58. Director since 2012. Corporation, a coffeehouse chain and Term expires in 2022. Term expires in 2022. coffee roasting company Member of the Audit Committee; Age: 58. Director since 2020. John K. Adams, Jr. Nominating and Corporate Term expires in 2023. Former Managing Director, Governance Committee. Member of the Audit Committee. Financial Institutions Group, UBS Investment Bank, Mark A. Goldfarb Bharat B. Masrani a financial services firm Managing Partner, BDO USA, LLP, Group President and Chief Executive Age: 65. Director since 2015. an accounting and consulting firm Officer, The Toronto-Dominion Bank, Term expires in 2022. Age: 69. Director since 2012. a Canadian chartered bank Chair of the Audit Committee. Term expires in 2021. Age: 64. Director since 2020. Member of the Audit Committee. Term expires in 2021. Walter W. Bettinger II Member of the Risk Committee. President and Chief Executive Officer, William S. Haraf The Charles Schwab Corporation Retired, Special Advisor, Promontory Todd M. Ricketts Age: 60. Director since 2008. Financial Group, a financial Director, Chicago Cubs, LLC, a Term expires in 2021. consulting firm professional baseball organization Age: 72. Director since 2015. Age: 51. Director since 2020. Marianne C. Brown Term expires in 2023. Term expires in 2023. Former Co-Chief Operating Officer, Member of the Audit Committee. Member of the Audit Committee. Fidelity National Information Services, Inc., a financial services technology Frank C. Herringer Charles A. Ruffel company Retired, Chairman of the Board Managing Partner, Kudu Investment Age: 62. Director since 2020. and Chief Executive Officer, Management, LLC, a private equity firm Term expires in 2023. Transamerica Corporation, a financial Age: 65. Director since 2018. Member of the Risk Committee. services company Term expires in 2021. Age: 78. Director since 1996. Member of the Risk Committee. Joan T. Dea Term expires in 2023. Founder and Managing Director, Chair of the Nominating Arun Sarin Beckwith Investments LLC, a private and Corporate Governance Chairman, Trepont Acquisition Corp I, a investment and consulting firm Committee; member of the special purpose acquisition company Age: 57. Director since 2017. Compensation Committee. Age: 66. Director since 2009. Term expires in 2021. Term expires in 2022. Member of the Compensation Brian M. Levitt Member of the Nominating and Committee; Nominating and Board Chair, The Toronto-Dominion Corporate Governance Committee; Corporate Governance Committee. Bank, a Canadian chartered bank Risk Committee. Age: 73. Director since 2020. Christopher V. Dodds Term expires in 2022. Paula A. Sneed Managing Member, Crown Oak Member of the Compensation Chairman and Chief Executive Officer, Advisors, LLC, a registered Committee. Phelps Prescott Group, LLC, a strategy investment advisor and management consulting firm Age: 61. Director since 2014. Age: 73. Director since 2002. Term expires in 2021. Term expires in 2022. Chair of the Risk Committee. Chair of the Compensation Committee.

i Board of Directors Corporate information

The Charles Schwab Corporation Stock Ownership Services Customer Service 3000 Schwab Way All stockholders of record are Investor Services: (800) 435-4000 Westlake, TX 76262 welcome to participate in The www.schwab.com 817-859-5000 Charles Schwab Corporation Advisor Services: (877) 687-4085 www.aboutschwab.com Dividend Reinvestment and Stock www.advisorservices.schwab.com The Charles Schwab Corporation Purchase Plan, managed by Equiniti (NYSE: SCHW) is a leading provider Trust Company. For information on Investor Relations of financial services, with 29.6 the Dividend Reinvestment and Stock Richard G. Fowler, Senior Vice million active brokerage accounts, Purchase Plan, or for assistance on President 2.1 million corporate retirement stock ownership questions, contact: (415) 667-1841 plan participants, 1.5 million Transfer Agent & Registrar, EQ [email protected] banking accounts, and $6.69 trillion Shareowner Services. in client assets as of December Legislative & Regulatory Affairs 31, 2020. Through its operating Shareowner Services Jeffrey T. Brown, Senior Vice subsidiaries, the company provides P.O. Box 64856 President a full range of wealth management, St. Paul, MN 55164 325 7th Street NW, Suite 200 securities brokerage, banking, (877) 778-6753 Washington, DC 20004 asset management, custody, and www.shareowneronline.com (202) 662-4902 financial advisory services to individual investors and independent About This Annual Report Corporate Communications investment advisors. CEO and CFO certifications: Joe Carberry, Senior Vice President The Charles Schwab Corporation has Media Hotline: (888) 767-5432 Office of the Corporate Secretary included as exhibits to its Annual [email protected] (415) 667-9979 Report, on Form 10-K for the year ended December 31, 2020, filed Charles Schwab Foundation Annual Meeting with the Securities and Exchange Carrie Schwab-Pomerantz, The annual meeting of stockholders Commission, certificates of its Chief Board Chair and President of Charles will be conducted at 1:30 p.m. Executive Officer and Chief Financial Schwab Foundation and Senior Vice Central Time on May 13, 2021, via Officer certifying the quality of the President, Charles Schwab & Co., Inc. the Internet. To register, visit www company’s public disclosure. charlesschwabfoundation@schwab .aboutschwab.com/schwabevents. .com Trademarks or Publications Registered Trademarks Independent Auditors To obtain the company’s annual Charles Schwab, Schwab, Schwab Deloitte & Touche LLP report, 10-K, 10-Q, quarterly Stock Slices, and other trademarks 555 Mission Street earnings release, or monthly activity appearing herein, which may be San Francisco, CA 94105 report without charge, contact: indicated by “®” and “™,” are (415) 783-4000 Charles Schwab Investor Relations registered trademarks or trademarks www.deloitte.com 211 Main Street of Charles Schwab & Co., Inc. or an San Francisco, CA 94105 affiliated entity in the U.S. and/or Outside Counsel [email protected] other countries. These trademarks Arnold & Porter These documents may also be and registered trademarks are Three Embarcadero Center, 10th Floor viewed in the Investor Relations proprietary to Charles Schwab & San Francisco, CA 94111-4024 section of the company’s website at Co., Inc. or an affiliated entity in the (415) 471-3100 www.aboutschwab.com. U.S. and/or other countries. Third- www.arnoldporter.com party trademarks appearing in this report are the property of their respective owners.

Corporate Information ii “Always put the client first.” Chuck Schwab

Since day one, we’ve set out to challenge the status quo, looking for ways to offer our clients more value and a better experience. We’re confident our approach can help people take ownership of their financial futures.

We believe in the power of investing, which helps turn earners into owners. Investing can be truly transformative when investors actively engage and when they work collaboratively with the right financial provider.

We are champions of investors and those who serve them. We look at the world through our clients’ eyes and keep that perspective at the heart of everything we do.

We offer investors a contemporary, full-service approach to build and manage their wealth. We help investors either directly as Schwab clients or through one of the thousands of independent advisors and employers we serve.

This is how we help investors, advisors, employers, and employees take ownership of their futures.

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